1/09/2006 @ 12:00AM

M&T Bank

Like many large banks, $55 billion (assets) M&TBank has done much of its growth through acquisition, including the $3.1 billion2003 purchase of Allfirst Financial. That deal gave M&Ta foothold in mid-Atlantic states like Maryland and Virginia, which are growing faster than upstate New York, where M&Tgot its start. But unlike many of its competitors, M&Tstops to digest its meal before moving on to the next one. Chief Executive Robert Sadler Jr. devoted much of last year to making sure the Allfirst takeover is a success, focusing on such unsexy topics as commercial lending, expense management and small-business loans. Nothing is too small to be overlooked: Sadler is closely eyeing travel expenses, procurement contracts and even cleaning services, hoping to save $50 million. That kind of scrutiny should keep shareholders, who’ve enjoyed an average 17%return over the past five years, in a happy mood.